PAHC — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-08-26

• We continue to build our companion animal business. In October 2025, we launched Restoris®, a new canine dental device, and in fiscal year 2026, our Rejensa® joint care supplement continued to gain market traction.

• The table below presents our core MFA products, including the primary MFA products acquired in the Acquisition:

• In 2018, the MAPA, published an ordinance to ban the use of antimicrobials used at sub-therapeutic levels for growth promotion and feed efficiency in animal feed in response to international pressure and scientific concerns about the potential risks of antimicrobial resistance. The Company’s virgini…

• In August 2026, management decided to close the Company’s Chicago Heights manufacturing facility as part of a strategic consolidation of our plant network. Production shutdown is expected in the summer of 2027. The manufacturing of products made at this facility will be relocated to our other manufa…

• We must also comply with the Resource Conservation and Recovery Act of 1976, as amended (“RCRA”), and comparable state laws regulating the treatment, storage, disposal, remediation and transportation of solid and hazardous wastes. These laws impose management requirements on generators and transport…

Text removed vs the prior filing · source: 10-K · 2025-08-27

• We continue to build our companion animal business and pipeline. Our Rejensa® joint care supplement for dogs continues to gain customer acceptance. Our companion animal development pipeline includes a potential treatment for mitral valve disease in dogs, a novel pain management product, and two oral…

• We must also comply with the Resource Conservation and Recovery Act of 1976, as amended (“RCRA”), and comparable state laws regulating the treatment, storage, disposal, remediation and transportation of solid and hazardous wastes. These laws impose management requirements on generators and transport…

• In connection with past acquisitions and divestitures, we have undertaken certain indemnification obligations that require us, or may in the future require us, to conduct or finance environmental cleanups at sites we no longer own or operate. Under the terms of the sale of the former facility in Jol…

Text added vs the prior filing · source: 10-K · 2026-08-26

• As a leading and diversified global animal health and mineral nutrition company, we increasingly rely on information technology systems and infrastructure to support critical operations and manage our business effectively, including through the use of emerging technologies such as artificial intelli…

• We use a range of tools and strategies to identify and reduce cybersecurity risks, including the use of threat intelligence to spot potential attackers, emerging threats, and new attack methods. These efforts extend to our external service providers that have access to our systems and data.

• To maintain a secured information technology environment, we work with independent third parties to conduct regular penetration tests and cybersecurity risk assessments of our overall security setup.

• Over the past year, we have made significant progress in improving our cybersecurity efforts. In partnership and with training from the Center for Cybersecurity, our security operations implemented managed detection and response services. Supported by constant monitoring and learning from both inter…

• We also maintain an ongoing cybersecurity awareness and training program that includes regular training sessions and simulated phishing exercises to encourage and promote safe user practices and reduce human-related risks.

Text removed vs the prior filing · source: 10-K · 2025-08-27

• other agreements pursuant to which third parties grant us rights to intellectual property, including because such agreements expire or are terminated, our financial condition and results of operations could be materially adversely affected.

• exposure of confidential information, the modification of critical data and/or the failure of critical operations. Likewise, improper or inadvertent employee behavior, including data privacy breaches by employees and others with permitted access to our systems may pose a risk that sensitive data may…

• control over financial reporting or our independent registered public accounting firm is unable to provide us with an unqualified opinion, investors could lose confidence in our reported financial information, which could have a material adverse effect on the trading price of our stock.

• As a leading global, diversified animal health and mineral nutrition company, we are increasingly reliant on information technology systems and infrastructure to support critical operations and manage our business effectively. These systems process, transmit, and store electronic information, includ…

• Although the aggregate impact on our operations and financial condition has not been material to date, the Company has been the target of cybersecurity attacks and anticipates continued attempts as threats become more sophisticated and frequent. Future incidents may have a material effect on our bus…

Text added vs the prior filing · source: 10-K · 2026-08-26

• On April 28, 2026, the 2024 Credit Agreement was amended (the “Amended 2024 Credit Agreement”) to increase our borrowing capacity by expanding the Revolving Credit Commitments by $125.0 million, from $310.0 million to an aggregate commitment of $435.0 million (the “Amended Revolving Credit Commitmen…

• Since October 2023, Israel has been engaged in ongoing hostilities along its northern and southern borders, and tensions in the broader Middle East, including with Iran, remain elevated. The situation in the region is volatile, unpredictable, and subject to rapid escalation.

• We have three manufacturing sites in Israel. A manufacturing plant in Neot Hovav that produces active pharmaceutical ingredients for certain of our anticoccidial and antimicrobial products, a facility in Beit Shemesh that produces vaccines and a plant in Petah Tikvah that manufactures premix product…

• The continuation and/or escalation of conflicts in the region may trigger additional bans, economic and other sanctions, as well as broader military actions, which could include neighboring nations and their respective allies. The potential impact of the current conflicts, or escalation thereof, on …

• Our Israeli manufacturing facilities and local operations account for 18% of our consolidated assets as of June 30, 2026, and 16% of our consolidated net sales for the twelve months ended June 30, 2026.

Text removed vs the prior filing · source: 10-K · 2025-08-27

• On October 7, 2023, Hamas militants crossed into Israel from Gaza in a large-scale, surprise terrorist attack. Hamas terrorists invaded Israel, first firing rockets into the country and then carrying out attacks inflicting mass casualties with hundreds more taken hostage. In order to provide immedia…

• We have three manufacturing sites in Israel. A manufacturing plant in Neot Hovav that produces active pharmaceutical ingredients for certain of our anticoccidial and antimicrobial products, a facility in Beit Shemesh that produces vaccines and a plant in Petah Tikvah that manufactures premix product…

• The resumption, prolonged continuation or escalation of this conflict may trigger bans, economic and other sanctions, as well as broader military conflict, which could include neighboring nations and their respective allies. The potential impact of the current conflict, or escalation thereof, on our…

• We believe global population growth, the growth of the global middle class and the productivity improvements needed due to limitations of arable land and water supplies have supported and will continue to support growth of the animal health industry.

• See also “Business —  Compliance with Government Regulation  — United States — Carbadox”; and “Business — Compliance with Government Regulation — Global Policy and Guidance.”